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News Worms


Sensex, Nifty Tumble After Sebi Crackdown On Shell Companies

Sensex, Nifty Tumble After Sebi Crackdown On Shell Companies

Intra-day, it hovered between 10,088.10 and 10,046.35.

According to market observers, broadly negative global cues and heavy selling pressure in banking, oil and gas, and capital goods stocks dragged the key indices lower. Sensex resumed higher at 32,341.05 and moved in a range of 32,354.77 and 31.915.20 before quoting at 32,057.28. Tata Steel's better-than-expected first quarter earnings, intense buying of shares of companies such as Hindustan Aluminium, Nalco and Vedanta, and a rise in auto, healthcare and IT stocks also contributed to the early gains.

The 50-share NSE Nifty touched an intraday low of 9,947, before closing down 78.85 points at 9,978.55.

On Monday, the benchmark indices traded rangebound and closed on a flat-to-negative note.

The S&P BSE Sensex fell 0.80 percent to 32,014 while the broader NSE Nifty lost 0.78 percent to 9,978.

"Market sentiment was also impacted after market regulator Sebi yesterday, 7 August 2017 imposed trading restrictions on 162 listed entities identified as shell companies".

The rupee opened at 63.77 against the U.S. dollar against Monday's close of 63.79.

Indian equities continued to decline for the second day on Tuesday. "Except for metal stocks, all other sectoral indices witnessed sell-off", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. "Overseas, Asian shares ended mixed as disappointing Chinese trade data clouded an otherwise bright outlook".

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